Does anyone know if and how buying a home for medical school impacts institutional aid/scholarships?
For example, Hopkins has all need based scholarships that are subject to change each year. Will I get screwed over if I buy a home and receive less funding?
Simply call and ask their financial aid office. I think that is the only way you can get a "straight" answer. Many pre-meds aren't in the same situation as yourself.
If you are getting a 100% LTV loan in an area that isn't worried about values then I think its actually a good investment. You're thinking ahead and not wasting money on rent. Especially in that market. We did the same thing (not in that area though) and also some students even keep their homes as investment properties later on and rent to med students (if its in the right area).
If you are purchasing a home right now though you are going to have a few issues to hurdle.
1) Income, if you have income most likely your "need" that you are looking for isn't really there - meaning full-ride scholarships based on need. That doesn't mean you can't maybe qualify for perkins or something like that
2) Credit - if you don't have enough tradelines you will need your parents to co-sign
3) closing costs, unless you do a FHA which will allow you to roll the closing costs in. They can run you a couple thousand dollars.
I don't see how it would affect your financial aid b/c its a leveraged asset (if they ask what you have - it would probably mean equity which you'd have none).
And yes, many "need" based loans ARE based on your parents income. Your purchase shouldn't make a difference.
Oh and I'm moving this to the finance forum as well